ParfumGigi@aol.com
21 février, 2007 17:41
Supreme Court rejects Goodrich appeal
to clarify a doctrine underpinning corporate tax law, declining to hear cases brought by a former subsidiary of Goodrich Corp. and Dow Chemical Co. ...
RULING
Goodrich Corp. lost a U.S. Supreme Court bid for more than $100 million in refunds and interest as the justices refused to limit an Internal Revenue Service crackdown on corporate tax shelters.
The justices Tuesday let stand an appeals court decision that barred a deduction taken in 1996 by Coltec Industries Inc., which Goodrich later acquired. Goodrich was seeking a refund and has said a victory would let it post a gain of at least $169 million.
A victory for Goodrich would have undercut the Internal Revenue Service's crackdown on billions of dollars in corporate tax shelters. Business groups urged the Supreme Court to get involved in the case, saying the IRS and a number of lower courts are unduly restricting the freedom of companies to use the tax code to their advantage.
